Kotak Business Cycle Fund is a Thematic fund run by Kotak Mahindra Mutual Fund. On 30-09-2026, it managed ₹3,414 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 15.8% a year and its Regular plan returned 14.3% a year. Its benchmark, Nifty 500 TRI, returned 10.2% a year over the same 3 years.
NAV (Direct plan)
₹17.57
▼ 0.85% · 30-10-2026
NAV (Regular plan)
₹16.53
▼ 0.85% · 30-10-2026
Expense ratio
0.75%Direct2.03%Regular
0.75%
A year
Riskometer
Very High
Set by the fund house
3 year return
15.8%Direct14.3%Regular
15.8%
A year
Kotak Business Cycle Fund NAV Today
NAV on 30-10-2026: Direct Plan Growth ₹17.57 (down 0.85% that day); Regular Plan Growth ₹16.53 (down 0.85% that day).
This fund (Direct plan)
₹17.569
Kotak Business Cycle Fund Returns vs Nifty 500 TRI
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
Trailing returns
Period
1M
3M
6M
1Y
3Y
5Y
10Y
This fund (Direct)
−2.08%
−3.34%
+4.98%
−0.11%
+15.85%
--
--
This fund (Regular)
−2.18%
−3.65%
+4.31%
−1.40%
+14.25%
--
--
Nifty 500 TRI
−0.75%
−6.05%
−2.83%
−7.34%
+10.22%
+8.81%
+12.51%
Thematic average
−2.09%
−4.52%
+0.86%
−1.22%
+13.76%
--
--
Best in Thematic
+11.54%
+11.27%
+22.16%
+75.71%
+54.78%
--
--
Worst in Thematic
−16.05%
−11.74%
−13.97%
−22.44%
−4.46%
--
--
Rank in Thematic
111/235
70/232
60/232
73/215
44/133
--
--
Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.
Kotak Business Cycle Fund Year-wise Returns
Return of each calendar year
Year
Direct
Regular
Nifty 500 TRI
2026to date
+0.79%
−0.30%
−7.51%
2025
+6.89%
+5.45%
+7.76%
2024
+29.35%
+27.38%
+16.24%
2023
+24.66%
+22.64%
+26.91%
Kotak Business Cycle Fund Rolling Returns
The return of every holding period in the fund's history, not only the one that ends today
Rolling returns
Each point is the yearly return of one 3-year holding period, plotted on the day it ended. There are 262 periods, one for each trading day from 06-10-2025 to 30-10-2026.
0%5%10%15%20%25%
Kotak Business Cycle Fund (Direct)
Nifty 500 TRI
Nov 2022 to Nov 2025Jan 2023 to Jan 2026Mar 2023 to Mar 2026May 2023 to May 2026Jul 2023 to Jul 2026Sept 2023 to Sept 2026
Kotak Business Cycle Fund (Direct)Nifty 500 TRI
0%
0%
Below 0%
0%
0%
0-5%
0%
7%
5-10%
3%
42%
10-15%
90%
51%
15-20%
7%
0%
20-25%
0%
0%
Above 25%
Every holding period at a glance
Period
Periods
Median
Lowest
Highest
With a loss
Benchmark median
Beat benchmark
1 year
754
13.5%
−1.2%
47.1%
1%
9.1%
73%
2 years
509
21.0%
2.3%
29.2%
0%
16.9%
100%
3 years
262
18.0%
14.4%
20.6%
0%
15.1%
100%
Every SIP holding period at a glance
Period
Periods
Median
Lowest
Highest
With a loss
Benchmark median
Beat benchmark
1 year
37
14.6%
−14.1%
53.5%
8%
11.5%
76%
2 years
25
14.1%
−3.0%
40.3%
4%
9.4%
100%
Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat benchmark" counts the periods in which the fund did better than Nifty 500 TRI over the same days. Past returns do not promise future returns.
Kotak Business Cycle Fund Risk
How much it swings, and the falls an investor had to sit through
Risk and return
Measure
Kotak Business Cycle Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
−0.11%
−7.34%
Standard deviation
14.43%
14.48%
Sharpe ratio
-0.37
-0.87
Sortino ratio
-0.51
-1.16
Maximum drawdown
−14.1%
(23-03-2026)
−14.7%
(30-03-2026)
Beta
0.95
1.00
Alpha
+6.59%
0.00%
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.
Measure
Kotak Business Cycle Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
+15.85%
+10.22%
Standard deviation
13.74%
14.30%
Sharpe ratio
0.72
0.29
Sortino ratio
0.99
0.40
Maximum drawdown
−18.4%
(03-03-2025)
−18.6%
(28-02-2025)
Beta
0.91
1.00
Alpha
+6.01%
0.00%
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.
Measure
Kotak Business Cycle Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
+14.68%
+10.68%
Standard deviation
12.55%
13.27%
Sharpe ratio
0.68
0.34
Sortino ratio
0.93
0.46
Maximum drawdown
−18.4%
(03-03-2025)
−18.6%
(28-02-2025)
Beta
0.90
1.00
Alpha
+4.48%
0.00%
From daily NAVs, 06-10-2022 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
−20%−15%−10%−5%0%
Kotak Business Cycle Fund (Direct)
Nifty 500 TRI
2023202420252026
Kotak Business Cycle Fund (Direct)Nifty 500 TRI
Worst fall
High before it
Bottom
Back at the high
Time to climb back
Below its high today
Kotak Business Cycle Fund (Direct)
−18.4%
23-09-2024
03-03-2025
19-08-2025
6 months
−5.9%
Nifty 500 TRI
−18.6%
26-09-2024
28-02-2025
Not yet
--
−8.8%
From the Direct plan's daily NAV since 06-10-2022, adjusted for unit splits, and Nifty 500 TRI over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.
Kotak Business Cycle Fund vs Other Thematic Funds
The five Thematic funds with the best three year return, and this fund. Direct plans.
AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.
Kotak Business Cycle Fund Expense Ratio and Costs
What each plan charges a year, in force from 09-10-2026
Plan
Base expense ratio
Brokerage
Transaction costs
Levies and GST
Total expense ratio
Thematic median
Cost rank (1 = cheapest)
Direct
0.57%
0.02%
0.00%
0.16%
0.75%
1.18%
6/235
Regular
1.65%
0.02%
0.00%
0.36%
2.03%
2.41%
33/235
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Thematic funds' plans of the same type are sorted from the lowest total expense ratio to the highest.
Direct vs Regular: what the gap cost
Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.
Over the last
Regular
Direct
Direct earned more by
₹1 lakh became (Regular)
₹1 lakh became (Direct)
1 year
−1.40%
−0.11%
1.29%
₹98,600
₹99,890
3 years
14.25%
15.85%
1.60% a year
₹1,49,131
₹1,55,485
Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.
Kotak Business Cycle Fund SIP Calculator
What a one-time or monthly investment in this fund would be worth today, from its own NAV history
Growth of an investment
Step up each year
PeriodFor
₹10,000 on the first trading day of every month, from 06-10-2022 to 30-10-2026: 49 instalments, ₹4,90,000 in all.
Direct planKotak Business Cycle Fund (Direct)Regular planKotak Business Cycle Fund (Regular)Nifty 500 TRICategory averageCategory average, 235 Thematic fundsAmount invested
From each plan's published NAV (Growth option), the benchmark's TRI and the category average, over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Kotak Business Cycle Fund Asset Allocation
Asset allocation as on 30-09-2026
What the fund holds
98.6%Equity
Asset
Fund
Category
Equity
98.6%
94.5%
Cash and others
1.4%
4.0%
Market cap of stocks
Market cap
Fund
Category
Large Cap
42.0%
45.7%
Mid Cap
21.0%
19.6%
Small Cap
30.5%
24.1%
Not on AMFI's list
5.2%
2.3%
Share of the whole fund. Category: the average of the Thematic funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Kotak Business Cycle Fund Sector Allocation
Sector allocation of the fund's stocks as on 30-09-2026
Largest sectors
Banks15.8%
Retailing10.3%
Industrial Manufacturing10.1%
Healthcare Services9.7%
Automobiles5.1%
Capital Markets4.7%
IT - Software4.0%
Power3.9%
Insurance3.8%
Finance3.5%
The ten largest of 27 sectors. The other 17 add up to 27.7%.
Sector changes
Sector
July 2026
August 2026
September 2026
Change
Banks
16.7%
16.6%
15.8%
−0.9%
Retailing
9.8%
10.3%
10.3%
+0.5%
Industrial Manufacturing
7.8%
8.2%
10.1%
+2.3%
Healthcare Services
10.4%
9.9%
9.7%
−0.7%
Automobiles
5.8%
5.5%
5.1%
−0.7%
Each sector's share of the fund at the end of each month. The five largest sectors of September 2026. Change: from July 2026 to September 2026, in % of the fund.
Kotak Business Cycle Fund Portfolio Holdings
As on 30-09-2026 · 52 holdings · from the fund house's monthly portfolio
Holdings
Sector
Weight%
Holdings trend
1M change
ICICI BANK LTD.
Banks
7.69%
0.0%
ADITYA INFOTECH LIMITED
Industrial Manufacturing
5.74%
0.0%
INDO-MIM LTD
Industrial Manufacturing
4.39%
0.0%
ETERNAL LIMITED
Retailing
4.05%
0.0%
AXIS BANK LTD.
Banks
3.67%
0.0%
ASTER DM HEALTHCARE LTD
Healthcare Services
3.37%
0.0%
KRISHNA INSTITUTE OF MEDICAL
Healthcare Services
3.23%
0.0%
VIJAYA DIAGNOSTIC CENTRE PVT
Healthcare Services
3.11%
0.0%
ACME SOLAR HOLDINGS LTD.
Power
2.87%
0.0%
LENSKART SOLUTIONS LIMITED
Retailing
2.70%
0.0%
BHARTI HEXACOM LTD.
Telecom - Services
2.64%
0.0%
HDFC BANK LTD.
Banks
2.62%
0.0%
SHRIRAM FINANCE LIMITED
Finance
2.48%
0.0%
Maruti Suzuki India Limited
Automobiles
2.09%
0.0%
360 ONE WAM LIMITED
Capital Markets
1.99%
0.0%
Mahindra & Mahindra Ltd.
Automobiles
1.86%
0.0%
VISHAL MEGA MART LIMITED
Retailing
1.85%
0.0%
INDIAN BANK
Banks
1.85%
0.0%
HAPPY FORGINGS LTD
Industrial Products
1.77%
0.0%
VEDANTA ALUMINIUM METAL LTD
Non - Ferrous Metals
1.75%
0.0%
Avenue Supermarts Ltd
Retailing
1.71%
0.0%
Century Plyboards (India) Ltd.
Consumer Durables
1.70%
0.0%
Ultratech Cement Ltd.
Cement and Cement Products
1.67%
0.0%
SBI Life Insurance Company Ltd
Insurance
1.65%
0.0%
GODREJ CONSUMER PRODUCTS LTD.
Personal Products
1.62%
0.0%
ICICI Lombard General Insurance Company Ltd
Insurance
1.61%
0.0%
KALPATARU PROJECTS INTERNATIONAL LIMITED
Construction
1.58%
0.0%
MANKIND PHARMA LTD
Pharmaceuticals and Biotechnology
1.48%
0.0%
Mphasis Ltd
IT - Software
1.46%
0.0%
BRIGADE ENTERPRISES LIMITED
Realty
1.40%
0.0%
Infosys Ltd.
IT - Software
1.39%
0.0%
Oberoi Realty Limited
Realty
1.39%
0.0%
Minda Industries Ltd.
Auto Components
1.33%
0.0%
RELIANCE INDUSTRIES LTD.
Petroleum Products
1.23%
0.0%
SAGILITY INDIA LTD.
IT - Services
1.18%
0.0%
TVS Motor Company Ltd.
Automobiles
1.15%
0.0%
LG ELECTRONICS INDIA LTD.
Consumer Durables
1.14%
0.0%
HEXAWARE TECHNOLOGIES LTD.
IT - Software
1.11%
0.0%
NTPC LTD
Power
1.04%
0.0%
ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LTD.
Capital Markets
1.00%
0.0%
APTUS VALUE HOUSING FINANCE
Finance
1.00%
0.0%
CORONA REMEDIES LIMITED
Pharmaceuticals and Biotechnology
0.99%
0.0%
JUBILANT INGREVIA LTD.
Chemicals and Petrochemicals
0.94%
0.0%
KFIN TECHNOLOGIES LTD.
Capital Markets
0.93%
0.0%
Hindustan Aeronautics Ltd.
Aerospace and Defense
0.82%
0.0%
SBI FUNDS MANAGEMENT LIMITED
Capital Markets
0.79%
0.0%
SHADOWFAX TECHNOLOGIES LTD
Transport Services
0.77%
0.0%
TENNECO CLEAN AIR INDIA LIMITED
Auto Components
0.75%
0.0%
ITC Ltd.
Diversified FMCG
0.69%
0.0%
MEDI ASSIST HEALTHCARE SERVICES LIMITED
Insurance
0.57%
0.0%
CMS INFO SYSTEMS LIMITED
Commercial Services and Supplies
0.55%
0.0%
WESTERN CARRIERS (INDIA) LTD
Transport Services
0.27%
0.0%
Kotak Business Cycle Fund Stocks Bought and Sold
All changes are between August 2026 and September 2026
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.
Kotak Business Cycle Fund Overview
Fund facts from the scheme summary document, as on 16-10-2026
Expense ratio (Direct)
0.75%
Expense ratio (Regular)
2.03%
Category
Thematic
Risk
Very High
Benchmark
Nifty 500 TRI
Launch date
28-09-2022
Minimum investment
₹100
Minimum additional investment
₹100
AUM
₹3,413.65 Cr (30-09-2026)
Lock in
None
Scheme code (Direct)
150624
ISIN (Direct)
INF174KA1JN6
Scheme code (Regular)
150626
ISIN (Regular)
INF174KA1JK2
NAV history
From 06-10-2022, 4.1 years
Exit load
0.5% for redemption within 90 Days
Tax on Kotak Business Cycle Fund returns
Kotak Business Cycle Fund is taxed as an equity fund: 65% or more of it is in Indian stocks.
Units sold within 1 year: the gain is taxed at 20%.
Units held longer: gains above ₹1.25 lakh in a financial year, across all your equity funds and shares, are taxed at 12.5%.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.
Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.
All plans and options
Plan
Option
NAV
As on
direct
Growth
₹17.569
30-10-2026
direct
IDCW
₹16.329
30-10-2026
regular
Growth
₹16.534
30-10-2026
regular
IDCW
₹15.368
30-10-2026
About Kotak Business Cycle Fund
Kotak Business Cycle Fund is a mutual fund from Kotak Mahindra Mutual Fund. Its category is Thematic. It was launched on 28-09-2022. Its benchmark is Nifty 500 TRI. At the end of September 2026 it held 52 securities.
Fund Manager
Harish Bihani
Fund manager of Kotak Business Cycle Fund, since 20-10-2023
Abhishek Bisen
Fund manager of Kotak Business Cycle Fund, since 28-09-2022
Frequently Asked Questions for Kotak Business Cycle Fund
What is the current NAV of Kotak Business Cycle Fund?
The Direct plan NAV is ₹17.569. The Regular plan NAV is ₹16.534, as on 30-10-2026.
What are the returns of Kotak Business Cycle Fund?
The Direct plan returned −0.11% in 1 year, +15.85% a year over 3 years. The Regular plan returned −1.40% in 1 year, +14.25% a year over 3 years. These figures are as on 30-10-2026.
What is the expense ratio of Kotak Business Cycle Fund?
The Direct plan charges 0.75% a year. The Regular plan charges 2.03% a year. This is the figure the fund house reported to AMFI, in force from 09-10-2026.
What is the AUM of Kotak Business Cycle Fund?
Kotak Business Cycle Fund managed ₹3,413.65 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.
What are the top holdings of Kotak Business Cycle Fund?
At the end of September 2026 the largest holdings were ICICIBANK (7.69%), CPPLUS (5.74%), INDOMIM (4.39%), ETERNAL (4.05%), AXISBANK (3.67%). The fund held 52 securities in all.
How do I invest in Kotak Business Cycle Fund?
Through Kotak Mahindra Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹100. You can invest once or through a monthly SIP.
Who is the fund manager of Kotak Business Cycle Fund?
What is the exit load of Kotak Business Cycle Fund?
0.5% for redemption within 90 Days
Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.
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